MGM
Quantitative Analysis:
- Earnings forecasted to grow and is above sector average
- Forward P/E estimates on a premium to sector and is positive
- MGM China outperform the market amid of industry recovery
- Ease of travel restrictions to Macau boosted market gross gaming revenue
Comments on Business
- Current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas, which was acquired in May 2022
- In April 2023, the Japanese government officially certified the Area Development Plan previously submitted by the city/prefecture of Osaka and the Company's 50% owned unconsolidated venture
KPI
- Increase in casino revenues
- Increase in revenue for rooms
- Corporate expenses increased from the prior year quarter, due primarily to an increase in payroll expense
- Net revenue increased compared to prior year quarter
- Long-term net debt decreased from previous quarter
Catalysts
- New launches with BetMGM
- Collaborations